Types of insurance policies for banks
Insurance for financial services can include a variety of individual coverages, including:
Comprehensive Business Auto Coverage
Auto insurance covers company vehicles driven by your employees and provides protection for repossessed vehicles.
Essential Property Coverage
Property insurance helps protect your buildings, ATMs, vaults, drive-thru windows and other property against physical damage.
General Liability Insurance for Financial Institutions
General liability insurance protects your business from liability exposures such as injuries, faulty work or damage to a customer’s property.
Mortgage Errors and Omissions (E&O)
E&O insurance provides protection from any errors or omissions made between loan origination and closing.
Umbrella Coverage
Umbrella insurance provides your business with additional security in the event of a catastrophic liability claim that would otherwise exceed your coverage limits.
Workers’ Compensation Insurance
Workers' compensation insurance covers medical expenses and compensation for workers who get injured while on the job (available in select states).
Do banks need cyber insurance?
Banks and other financial institutions are at an increased risk of cyberattacks. Financial institutions should consider cyber insurance to help them recover from a data breach or a hack. Cyber insurance can help banks investigate and notify their customers if information has been stolen or exposed.
In addition to unique cyber exposures, financial institutions have other coverage needs that go beyond the standard package policy. To meet these needs, EMC has entered into a unique partnership with U.S. Risk Group, LLC.
EMC’s partnership with U.S. Risk
EMC partners with U.S. Risk to offer bond, directors and officers (D&O), mortgage protection, force-placed REO property, and cyber coverages for banks. U.S. Risk is a privately owned specialty lines underwriting manager and wholesale broker headquartered in Dallas, Texas.
How much is financial institutions insurance?
The cost of insurance for financial institutions and banks can vary depending on the size of your business and the type of services you provide. EMC can customize your insurance policy so it works for you. Contact a local independent agent and ask about EMC’s insurance for financial institutions.
Safety and loss control resources for financial institutions
EMC has provided loss control services for our policyholders since 1926. Our experienced loss control professionals can give you suggestions and solutions that can lessen your risks.
Ergonomic Evaluations* to identify ergonomic issues before losses occur. We also offer online resources to help you spot problems and educate your employees.
Hazard Control Assessments to identify hazards that pose the greatest potential safety risks to your operations. We then recommend viable solutions to control or reduce these risks.
Injury Management Programs** to help reduce the impact of injuries, including select provider, return to work, prework screening and worksite wellness programs.
Slip and Fall Prevention to help you develop a proactive approach to reducing these incidents at your jobsite. We also offer many online resources to help prevent slips and falls—a leading cause of workplace injuries.
Online Safety Training to give your employees convenient access to short training segments, complete with quizzes to check for understanding. You can register, assign training and track your employeesʼ training progress through our easy-to-use online training system.
Visit the Loss Control page to learn more and access our extensive collection of online safety resources.
